Posted by seumasach on March 10, 2016
M.K.Bhadrakumar
The government’s Pakistan policy is highly accident prone, and, therefore, let me strike when the iron is still hot. But what needs to sink in is that slowly, steadily, a meaningful engagement between Delhi and Islamabad seems to be getting under way.
Posted in Global peace process | Tagged: india-pakistan peace process, kashmir, Obama agenda | Leave a Comment »
Posted by seumasach on March 5, 2016
At the heart of negotiations between Cameron and the EU was the issue of the single rulebook on banking regulation and , more particularly, the rules on bank recovery and resolution, the power of the European Banking Authority to
“apply bail-in measures: i.e. convert debt to shares or write it down – in this way, losses are imposed, according to an established order, on bank shareholders and creditors, not on taxpayers”.
These rules are applicable from 1st January, 2016 and are apply throughout the EU. As this article argues, the concession of “some flexibility” in the application of these rules gained by Cameron is unlikely to amount to much. So it looks like continued membership of the EU makes a further bail-out of British banks inconceivable. This would explain, perhaps, why so many within British elites are up in arms against the Cameron deal and now support Brexit. It also provides strong motive to support a “Yes” vote.
23rd February, 2016
Within the rules of the club, Prime Minister Cameron achieved as much as could be expected on economic governance from the European council negotiations. But the gain in flexibility he obtained may turn out to be rather less significant in practice.
Posted in Battle for Europe, UK economy | Tagged: Bail-in not bail-out!, Cameron's EU deal, no more bailouts | Leave a Comment »
Posted by seumasach on March 4, 2016
This EU referendum campaign is turning out to be surprisingly interesting. Nearly a year ago Murdoch came out in support of Cameron and staying in Europe. The Mail reported that ‘Mr Murdoch wants the UK to get a better deal from the EU so it can stay in,’ said. Obviously, he doesn’t reckon Cameron has got that deal, specifically the opt-out on regulation of financial services, I presume.
4th March, 2016
Michael Gove and Sir Michael Caine will be among the guests but David Cameron and George Osborne will be conspicuous by their absence at the wedding event of the year for the British media and political elite.
Posted in Battle for Europe | Leave a Comment »
Posted by seumasach on March 4, 2016
4th March, 2016
Historically, the neo-conservatives were a small group of US Trotskyites who were recruited by the CIA to fight against the Soviet Union. They joined the Republican Party and served under Presidents Reagan and Bush Senior.
Posted in Uncategorized | Tagged: neo-cons and Clinton | Leave a Comment »
Posted by seumasach on March 3, 2016
Decision Time: New Politics, New Economy, New Britain?
A speech by Jeremy Corbyn to the British Chambers of Commerce conference
3rd March, 2016
This speech sets out a major policy framework including some notable quotes (with my own comments):
And we cannot outsource economic policy to the City of London. That has not served our economy well, and it has not served business well.
The subordination of the UK economy to City interests is, indeed, at the heart of the matter
The banking sector has to be reformed. Finance must support the economy and not be an extractive industry that treats consumers, entrepreneurs and businesses as cash cows.
Rather than simply going on about capitalism Corbyn clearly distinguishes between predatory finance capital and productive capital in the real economy. Robert Owen the 19th century socialist and entrepreneur who wanted an alliance between the working class and the industrial capitalists against City interests would be very happy with this speech. It is significant that he is addressing the Chamber of Commerce.
We need a national investment bank at the heart of economic policy to target investment on key public and economic priorities, not just for quick returns.
As Den Xao Ping used to say: “whatever you do never lose control of financial system.” We never had control of it but perhaps that’s about to change
For some politicians, the state is only a burden, to be reduced or removed.
But we see a crucial role for the strategic state to create the conditions for people and businesses to thrive and deliver prosperity that is stable and shared.
The term “strategic state” is an absolute taboo in British politics. Are we becoming French dirigistes? If there is one word(or two words) to sound the death knell of the thatcherite consensus, it is this.
Regarding crisis in NHS
First, there is the legacy of PFI debt – an inefficient way of delivering necessary investment.
The last Labour government lacked the confidence to make the argument to borrow to invest, and so it did what banks thought they could get away with before the crash, an off-the-books accountancy wheeze.
In both cases, putting debt off the books did not work it came right back onto the books and helped trigger crisis.
Corby takes the Blairite legacy head on! Blair put dodgyPFI deals at the heart of his programme
Then there is the problem of infrastructure. Think about the creaking, underfunded infrastructure our country relies on.
Enterprise and innovation cannot flourish when our roads and railways, ports and airports are lagging behind our competitors.
To do this , of course, requires long term investment and planning another no-no in Thatcherite Britain
…we are campaigning to remain in the EU because we believe, like 60 per cent of businesses the BCC surveyed, that the EU is the best framework for trade and cooperation in the 21st century.
None of the above can be accomplished without incoming investment, several hundred billion of which have already been promised by China. He knows that they are awaiting the “yes” vote before committing themselves to this but it is not very politically correct to point this out since the British people are still largely unaware of the fact that we have been living off incoming investment for decades. The difference now is that investment will not be going into UK government bonds but will be direct investment in finance, manufacturing and infrastructure.
Posted in UK economy | Tagged: Cancel PFI debt!, China-UK comprehensive strategic partnership, Corbyn agenda, National Investment Bank, private finance initiative(PFI), Strategic state | Leave a Comment »
Posted by seumasach on March 1, 2016
This is essential background for understanding the EU referendum and particularly the rather surprising decision by Cameron to support a “Yes” vote despite having no opt-out on European banking regulations. But a “No” vote would be even worse from a City point of view as this article makes clear. Still, there will be winners and losers and clear and bitter divisions are emerging in the British ruling class which we haven’t seen since the period following the “loss” of the USA in the American Civil War by way of the defeat of the Confederacy. That period of internecine warfare in the British elite was eventually resolved by the expedient of outsourcing the empire via a truly massive flow of capital into the USA. Similarly, today we face a historic transformation of the City of London although, this time, based on massive capital inflows through our Comprehensive Strategic Partnership with China and the new relationship with Europe which corresponds to it. The strong support for a “Yes” vote by Goldman Sachs and JPMorgan suggests the possibility that London could also serve as a conduit to Wall Street for Chinese investment via those chosen vehicles.
19th February, 2016
If London decides to leave the European Union nobody in Europe will even notice. Great Britain is an entirely separate country, isolated from the European Union and does not participate in the Euro or Schengen Agreement. The European Union as a political platform is disintegrating and becoming more and more irrelevant and will be displaced by the European Monetary Union (EMU).
The center of power in Europe has shifted from the EU to the EMU and London politicians are fully aware of it. A Brexit will accelerate the process of political integration of the EMU members and make the EU politically less significant.
Posted in Battle for Europe, UK economy | Tagged: brexit, european, european banking union, european monetary union | Leave a Comment »
Posted by seumasach on March 1, 2016
M.K.Bhadrakumar
1st March, 2016
Prime Minister Narendra Modi coasted to a magnificent victory in the 2014 parliamentary poll in India winning an absolute majority and punctuating the ‘coalition era’ in the country’s politics on a platform of ‘development agenda’, which the world applauded as a mandate for accelerating market reforms.
Posted in Multipolar world | Tagged: China-India relations, india -china partnership | Leave a Comment »
Posted by seumasach on February 29, 2016
24th February, 2016
Asia Times top writer George Koo recently interviewed Martin Jacques, the author of the global bestseller, “When China Rules the World.” The British journalist and scholar was a guest speaker at a Feb. 18 forum in Palo Alto, Calif. hosted by the Committee of 100 and the Commonwealth Club. The topic was “Why the UK sees China as a friend and the US doesn’t.” Koo moderated and afterwards spoke with Jacques in an exclusive interview for Asia Times.
Posted in British economy | Tagged: bankrupt Britain, China-UK comprehensive strategic partnership, Chinese soft power, End of empire | Leave a Comment »
Posted by seumasach on February 29, 2016
Dan Glazebrook
27th February, 2016
Anyone following David Cameron’s negotiations with the EU, or the subsequent ‘in-out’ referendum debate in Britain, would perhaps forgiven for believing that migration is the cause of all Britain’s woes.
Posted in UK economy | Tagged: bail out swindle, Bail-in not bail-out!, Cancel PFI debt!, no more bailouts-put banks into receivership, private finance initiative(PFI) | Leave a Comment »
Posted by seumasach on February 29, 2016
28th February, 2016
MOSCOW, February 28. /TASS/. Many Americans regard the ceasefire in Syria as a defeat, Chairman of the State Duma committee for foreign affairs Alexey Pushkov said.
Posted in Syria | Tagged: End of empire, Obama agenda, Obama's realist turn, Russian diplomacy, US Russia cooperation | Leave a Comment »
In These New Times 